Real estate trends

2 Dallas neighbors climb to rooftop in new ranking of best home markets

2 Dallas neighbors climb to rooftop in ranking of best home markets

Frisco home for sale, 11042 San Pedro St
This lovely Frisco home is on the market for $429,000 — right about the city's median price. Photo courtesy of Redfin.com

Frisco manages to keep generating positive buzz. Last year, it was declared one of the country’s fastest-growing cities. In 2018, Money named Frisco the best place to live in America. And the city even appeared atop a recent ranking of the country’s best places to be stuck at home during the pandemic.

Now, Frisco has another national accolade to crow about. In a ranking released August 25 by personal finance website WalletHub, Frisco grabs the No. 3 spot among the best cities to buy a house.

WalletHub divided data into two buckets for its ranking: best real estate market, and best place for affordability and economic opportunity. Frisco snags the No. 13 ranking in the real estate category, and the No. 1 ranking in the affordability and economy category. For its study, WalletHub compared 300 cities across 24 key metrics, including median home-price appreciation, home-sales turnover rate, and job growth.

Among the 24 key metrics, Frisco ranks second for the country’s lowest foreclosure rate.

Ahead of Frisco on WalletHub’s list are Boise, Idaho, at No. 1 and Seattle at No. 2. Frisco is joined in the top 10 by two other Texas cities: Austin (No. 7) and Denton (No. 9). In last place: Miami Beach, Florida.

Both Austin and Denton score well in the real estate category, with the former ranking fourth and the latter ranking eighth. However, both cities earn mediocre marks in the affordability and economy category: No. 76 for Austin and No. 59 for Denton.

Data compiled by Frisco real estate agent Rene Burchell shows the median price of a single-family home in Frisco reached $430,000 at the end of June, up from $426,500 a year earlier. In June, 375 homes were sold in Frisco, compared with 340 the previous June and 240 this May. Burchell says homebuyers in Frisco face competitive bidding and reduced inventory, pushing up home prices.

The Collin County housing market “was very active in July, with a large number of buyers seeking homes priced under $400,000,” Plano real estate agent David Long, president of the Collin County Association of Realtors, says in a release. “The high demand has started to result in slightly higher sales prices, but not nearly enough to outweigh the incredible interest rates buyers are locking in.”

West of Frisco, real estate brokerage Redfin classifies Denton as a “very competitive” homebuying market, with many homes up for sale attracting multiple offers. Over the past 30 days, the average sale price for a single-family home in Denton was $276,000, up 8.8 percent since last year, according to Redfin.